On October 20th 2015, Mr. Li Xiyong, the Chairman of Yankuang Group and Yancoal Australia Ltd., debriefed Yancoal Australia's presentations of 2015 Operation and 2016 Budget..
At the meeting, the head of Yancoal Australia gave a detailed presentation on topics including 2015 operation, latest coal price forecast, 2016 budget and financial structure of the company.
After the presentation, Mr. Li Xiyong affirmed the recent work of Yancoal Australia, scientifically analyzed the situation confronted at present and raised hope and requirements for the future work.
Mr. Li Xiyong said, since the beginning of this year, Yancoal Australia has continuously implemented cost reduction and efficiency enhancement, developed synergy effect and controlled exchange risk to attack the difficulty together, which make some effects on the management and the control of the company. Currently, the operating pressure of the parent company was increasing constantly for the economic downturn at home and abroad. Yancoal Australia should build confidence, correctly understand and analyze the current difficulty of the enterprise and reduce the operating cost to try the best to achieve the budget target.
For 2016 Budget, Mr. Li Xiyong pointed out that the budgeting of Yancoal Australia should be advanced and challenging. As the economic situation in 2016 will be more severe and difficult compared to 2015, Yancoal Australia should research program scientifically and implement a series of measures including optimization of workface layout, employee reduction and efficiency enhancement, assets and liability structure improvement to fully promote the increase of quality, efficiency and profitability through LEAN management.
Regarding to the next key work, Mr. Li Xiyong required Yancoal Australia to carry firm investment confidence and faith, optimize the program of project construction and strictly control the project investment cost; to adjust financial structure in a scientific manner by sticking to four principles including ensuring the steadfast holding position, solving liability problem practically, relieving the pressure of parent company and realizing the sustainable development of the enterprise; to plan and coordinate various tasks such as safety, employees reduction and efficiency enhancement and relations between enterprise and the local community to achieve mining safely, scientifically and economically.. The parent company will support the sustainable development of Yancoal Australia with all efforts and in unity.